KALA BIO files for up to $250 million at-the-market stock offering

KALA BIO, Inc. filed a prospectus supplement dated July 22, 2026 for an at-the-market offering of up to $250,000,000 in common stock, sold through H.C. Wainwright & Co. as sales agent under an agreement the two parties signed. The arrangement covers shares offered under this prospectus supplement, with the company able to sell stock with an aggregate offering price of up to $250,000,000 over time through or to Wainwright.¹ Wainwright's compensation is set at 3.0 percent of the gross sales price for each share sold under the agreement.¹

KALA's stock trades on Nasdaq under the symbol KALA, and closed at $0.78 per share on July 17, 2026.¹

The filing details the company's shift away from its former lead program. KALA dosed its first U.S. patient in the CHASE Phase 2b trial of KPI-012 for persistent corneal epithelial defects in February 2023, but by September 2025 the trial did not meet its primary endpoints, leading the company to discontinue development of KPI-012 and its MSC-S platform.¹ The board decided on September 28, 2025 to end development after the trial failed to show complete corneal healing versus placebo on the primary measure, and also missed statistical significance on key secondary endpoints, with results similar between both KPI-012 dose arms and placebo.¹ The company cut about 19 employees, roughly 51 percent of its workforce, in connection with that decision.¹

On March 3, 2026, KALA entered an exclusive license with Younet AI for the Researgency AI research platform, adapted for biotechnology use.¹ As an early step, the company plans to use its KPI-012 clinical dataset, covering 79 patients across 37 trial sites, as a proof-of-concept for the new platform.¹

A 1-for-50 reverse stock split, effective May 8, 2026, cut shares outstanding from 929,491,578 to 18,589,824.¹ The stock had faced a Nasdaq minimum bid price deficiency but regained compliance on June 11, 2026.¹